|By Business Wire||
|August 5, 2014 02:30 PM EDT||
Lenders One announces the results of a new national survey on loan officer retention conducted by Majestic Consulting. According to the survey results, productive loan officers are willing to leave higher paying positions to move to a company where management has a firm grasp on fulfillment and business development. Findings from the survey were unveiled at the Lenders One® 2014 Summer Member Conference in Nashville today. More than 450 independent mortgage bankers, investors and vendors are attending the conference.
“The assumption that loan officers always leave for a better compensation structure somewhere else is false,” Tom Ward, CEO of Majestic Consulting told Lenders One members during one of the educational sessions at the conference. “Issues like a short-term missed closing have a phenomenally long-term impact on a loan officer’s book of business and can be just as or more important than compensation to a decision to change employment. The shift from a less-time sensitive refi, to an intricately coordinated purchase transaction exposes a lot of inefficiency in the process. Now there is a real deadline, the ‘I have a borrower with their belongings in a truck and nowhere to go’ deadline. If you miss that deadline, that borrower is unlikely to come back, and that Realtor is unlikely to refer again.”
The survey of randomly selected loan officers from around the country identified three consistent reasons loan officers leave a company:
- The lender cannot close loans on time, putting stress on the loan officer’s relationships and destroying borrower and referral agent confidence;
- Leadership has not updated their perspective on, nor do they provide sufficient training or support for pursuing new purchase business; and
- A lack of confidence that the leadership team understands, anticipates and is prepared for market and industry changes.
“Loan officer retention is a critical business issue we hear about time and time again from our members,” commented Jeff McGuiness, CEO of Lenders One. “This survey highlights the importance leaders must place on both the manufacturing process and their service teams so that both are in synch. Production efficiency and quality are directly related to sales and service efficiency and quality, regardless of the market cycle. A holistic approach is crucial to ensure stability and reduce disruptive turnover in the long run.”
The survey also found that it takes almost seven months from the time a loan officer decides to leave a company and when it actually happens, Ward said. “That’s a remarkable amount of loyalty,” he commented. “What’s more, we found that the company that may initially start loan officers thinking about leaving is not usually the company they end up joining.”
About Lenders One® Mortgage Cooperative
Lenders One (www.LendersOne.com) was established in 2000 as a national alliance of independent mortgage bankers, correspondent lenders and suppliers of mortgage products and services. Members of the St. Louis-based platform originated more than $224 billion in mortgages in 2013; collectively ranking as one of the largest retail mortgage origination entities in the U.S. Lenders One, nearly 275 lender members strong, is managed by a subsidiary of Altisource Portfolio Solutions, S.A. (NASDAQ: ASPS).
About Majestic Consulting
Majestic Consulting was established in 2006 by Tom Ward, following the sale of Majestic Mortgage, a profitable 450 million dollar multistate mortgage banker. Majestic specializes in Profitability® consulting for the mortgage industry. Tom has seen thousands of P&L’s and his One Transaction Thinking® System and Business Blood Pressure® Methodology has revolutionized the way P&L’s are being reviewed today. Additional information is available at www.MajesticConsulting.com.
Altisource is a premier marketplace and transaction solutions provider for the real estate, mortgage and consumer debt industries offering both distribution and content. We leverage proprietary business process, vendor and electronic payment management software and behavioral science based analytics to improve outcomes for marketplace participants. Additional information is available at www.altisource.com.
May. 3, 2015 12:30 PM EDT Reads: 3,180
May. 3, 2015 12:00 PM EDT Reads: 3,656
May. 3, 2015 12:00 PM EDT Reads: 902
May. 3, 2015 12:00 PM EDT Reads: 4,959
May. 3, 2015 12:00 PM EDT Reads: 4,325
May. 3, 2015 11:00 AM EDT Reads: 5,489
May. 3, 2015 11:00 AM EDT Reads: 2,759
May. 3, 2015 11:00 AM EDT Reads: 4,256
May. 3, 2015 10:45 AM EDT Reads: 4,161
May. 3, 2015 10:30 AM EDT Reads: 5,170
May. 3, 2015 10:15 AM EDT Reads: 4,243
May. 3, 2015 10:00 AM EDT Reads: 5,352
May. 3, 2015 10:00 AM EDT Reads: 3,785
May. 3, 2015 10:00 AM EDT Reads: 890
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
May. 3, 2015 09:45 AM EDT Reads: 5,675